SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
October 15, 1998
Energen Corporation
(Exact name of registrant as specified in its charter)
Alabama
(State or other jurisdiction of incorporation)
1-7810 63-0757759
(Commission File No.) (IRS Employer Identification No.)
2101 Sixth Avenue North
Birmingham, Alabama 35203
(Address of principal (Zip Code)
executive offices)
(205) 326-2700
(Registrant's telephone number including area code)
Item 2. Acquisition or Disposition of Assets
On October 15, 1998, Energen Resources Corporation (Energen Resources), the oil
and gas exploration and production subsidiary of Energen Corporation (the
Company), purchased the stock of TOTAL Minatome Corporation (TOTAL), a Houston-
based unit of TOTAL American Holding Inc. Immediately upon closing the
transaction, Energen Resources sold a 31 percent undivided interest in TOTAL's
assets to Westport Oil and Gas Company Inc., a private Denver-based exploration,
acquisition and development company. Energen Resources' net investment totaled
$132.6 million, including the assumption of certain legal and financial
obligations.
Energen Resources will gain an estimated 200 billion cubic feet equivalent of
proved domestic oil and natural gas reserves. Approximately half of the proved
reserves are concentrated in north Louisiana. Other reserve locations include
the San Juan Basin in New Mexico, the Permian Basin in West Texas, offshore Gulf
of Mexico, southern Louisiana, and the Rockies. Approximately 75 percent of the
reserves are natural gas, and approximately 60 percent are proved developed
producing. Energen Resources plans to spend an estimated $70 million over the
next several years to fully exploit the approximately 40 percent of behind pipe
and proved undeveloped reserves.
The Company used a portion of its existing short-term credit facilities to
acquire the foregoing properties and expects to refinance a portion of this
acquisition through the issuance of long-term debt and equity during the second
half of fiscal year 1999.
Item 7. Financial Statements and Exhibits
(a)Financial Statements of Business Acquired
It is impracticable to provide the consolidated financial information
of the business acquired from TOTAL at the time of filing this report. The
required financial statements will be filed as soon as practicable but not
later than 60 days from October 30, 1998, the date on which this Form 8-K
must be filed with the Securities and Exchange Commission (the
Commission).
(b)Pro Forma Financial Information
It is impracticable to provide the required pro forma financial
information at the time of the filing of this report. The required pro
forma financial information will be filed as soon as practicable but not
later than 60 days from October 30, 1998, the date on which this Form 8-K
must be filed with the Commission.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ENERGEN CORPORATION
DATE: October 30, 1998 By /s/ Grace B. Carr
Grace B. Carr
Controller of Energen Corporation
